CoreLogic, a company that tracks statistics about foreclosures and homes in danger of foreclosure, reported on March 1 that nearly 79,000, or 14.2 percent, of all homes in Somerset, Middlesex, Monmouth and Ocean counties are underwater on their mortgages. Underwater is defined as owing more money on a mortgage than the home currently is worth.
Jeffrey Otteau, president of Otteau Evaluation Group in East Brunswick, confirmed that figure is similar to what heÃ¢â‚¬â„¢s seeing. He said home prices have receded to 2003 levels, so people who bought their home after 2003 probably now are facing negative equity in their homes. This is especially true for people who bought homes with little or no down payment.
Ã¢â‚¬Å“And whatÃ¢â‚¬â„¢s also worrisome is that (an additional) 4.3 percent will be underwater if market prices fall another 5 percent,Ã¢â‚¬Â Otteau said.
At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.
If you have a gay real estate story that you’d like to share with us, contact us at [email protected]